The paper highlights how the rationales and instruments of industrial policy have changed since the 1960s. It finds that theories of industrialization have come full circle, as many of the assumptions behind the market failure paradigm have made a comeback. The policy implications of these...

This article attempts to explain changes and continuity in the developmental welfare states in Korea and Taiwan Province of China (hereafter Taiwan) within the East Asian context. It first elaborates two strands of welfare developmentalism (selective vs. inclusive), and establishes that the...

Rapid growth and structural change have reduced poverty in East Asian economies. Income inequality has been low in Korea and Taiwan, but has risen in recent years with economic liberalization. In the Southeast Asian economies of Thailand, Malaysia and Indonesia, poverty has declined, while...